Inflation down across Canada, up slightly in British Columbia
Inflation may be cooling across most of Canada, but people are still feeling the pinch of higher prices, especially in B.C. where the cost of goods increased slightly in July, according to Statistics Canada.
The agency said year-over-year, inflation across the country was 7.6 per cent in July, that's lower than June when it was 8.1 per cent. Most of the decrease is driven by lower gas prices.
At the same time, some groceries are costing a lot more. Compared to this time last year -- eggs, fresh fruit and baked goods cost consumers more than 10 per cent more.
According to the Statistics Canada report, B.C. was the only province where inflation increased. The rate going from 7.9 percent in June to eight percent in July. The agency said travel accommodations, car insurance, and gas prices -- notoriously the highest in the country - are the biggest factors.
The province sets rent increases based on July's inflation number. This year, the cap will be lower.
Housing Minister Murray Rankin told CTV News in a statement that the particulars are still being ironed out.
"As many renters are barely hanging on and cannot afford a change in their rent at current rates of inflation, we will be capping the annual allowable rent increase for 2023 below the rate of inflation," he wrote
"We are finalizing the details of what the rent cap will be, and will have more to say in the coming weeks.'
Homeowners may also be on the hook for higher mortgage payments. While the head of the Bank of Canada thinks inflation may have peaked -- it's still much higher than its target of two percent.
CTVNews.ca Top Stories
BREAKING Quebec judge orders bus driver to stand trial for 2023 daycare crash deaths
A judge has ordered a Quebec man to stand trial on charges of first-degree murder in the deaths of two children killed when a bus rammed into a Montreal-area daycare last year.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
Trudeau's latest pre-budget pledge targets millennial moms, vowing $1B in loans for more child-care spaces
The federal government is launching a new loan program to help child-care providers in Canada expand their spaces, and will be extending further student loan forgiveness and training options for early childhood educators, Prime Minister Justin Trudeau announced Thursday.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Krispy Kreme doughnuts coming to McDonald's in U.S., but not Canada
Canadians will be missing out on a sweet new partnership between McDonald's and Krispy Kreme, which will see doughnuts available at McDonald's locations across the U.S. by the end of 2026.
BREAKING Calgary officer charged after allegedly assaulting handcuffed man
A Calgary police officer has been charged after allegedly assaulting a handcuffed man two years ago.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
How do you navigate the social media minefield with your kids?
Growing fears about social media's harm have sparked lawsuits against social media companies from hundreds of school districts in the United States and now Canada. CTVNews.ca wants to know whether your children are addicted to social media or if you have concerns about their usage of platforms such as Facebook, Snapchat, TikTok and X.